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WTI crude oil prices defy the bullish consensus
PMI data for the US was better than expected, which helped the US dollar index rally from a key support area on Tuesday and weigh on oil prices. The S&P Global report suggests the economy expanded at its fastest pace in three months with flash composite PMI rise to 51, up from 50.2. Services PMI accounted to the baulk of the rise with its flash PMI rising to 50.9, above 49.8 expected and 50.1 prior. Whilst this could initially be seen as slightly inflationary which could add pressure on the Fed to hike at least once more, price pressures are easing which could actually lower the need for further hikes. If prices ... (full story)